The Online Gambling & Betting Market: What the Future Looks Like?
When one thinks of the online gambling market it easy to first classify it under the different product offering available within the industry. The game offering within the industry is huge and consists of so many different kinds of game types and variations of these. In fact, the game offering can be classified as Casino offerings, Poker, Bingo, Sports Betting, Lottery, Race Betting, Specialty Games and more. However, the industry is far bigger than just its product offerings and services. The full gambling industry includes other key elements such as Hardware Production, Software Producers, Hosting Sites and more. All of which come together to provide players with the online gambling services they have come to know and love. Due to the fact that online gambling took off at the very beginning of the internet, it only makes sense that as the internet and internet-based technology improves and advances so too must the market mimic and follow these trends.
What the market looks like now
The online gambling and betting market are currently sitting in a rather unique position as they are evolving with the digital age. The question however is where will this evolution lead to? As of right now, there have been a number of key developments occurring on the product side of online casino gambling. Part of this huge change and upgrade in gambling products is due to the fact that new gambling consumers are from a different generation than those who were playing in the late 90s when the internet first started to take shape. The new generation is the also known as the digital-generation or the millennial generation are requiring something new from the gambling and betting market. This is the generation that has grown up during the digital revolution and as such is well aware of what things were like before technology and the internet but are also the trend makers in what the digital age is growing to become. This is the generation that decided what social media platforms such as Facebook and Tweeter would look like, how they used these platforms has shaped the internet and social age as we now know it.
These happenings have of course not evaded the eyes of the online gambling and sports betting market. Industry leaders have realized that in order to remain relevant within this new generation of gambling consumers they ought to catch on to the trends rather quickly. There are a few ways we see this happening, but in this section, focus is going to be placed on gambling product offering and services. As of right now gambling game developers are working hard to provide customers with new and fresh products that are high quality in design as well as concepts.
Developers such as Microgaming, Evolution and NetEnt have been pioneers in this regard through offering slot games that are designed with 3D elements to offer a more unique gaming experience. These new batched of online slots that have been launched in the last 5 years are continuing to take on a life form of their own. With well-throughout and executed visuals, graphics, animations and sound as well as fresh and new slot concepts that follow better storylines and themes. Developers have also been elevating their variation offering with SG Gaming, Microgaming and Evolution Gaming designing and releasing variation Live Dealer games with socially embedded elements to add to the atmosphere. They have been quick to realize that quality convenience is the current online currency and in order to compete they ought to latch on.
What the future holds
It’s rather exciting to see where the future of online gambling and sports betting will be in the next 5 to 10 years. It seems that industry executives have taken note of the great influence that technology and the internet has on their industry. In fact, speaking at the East Coast Gaming Congress in Atlantic City, held early this month, sports betting leaders in particular noted that they have noticed a trend within their own consumers and how they interact with their products. Industry executive and CEO of CG Technology, Parikshat Khanna, stated that in his sports betting company had noticed that since issuing their betting app in 2009, 60% of all sports bets made at his company were made on a mobile device. This re-enforces the notion that the new generation of customers are all about convenience, it seems there is no longer the desire to go sit at a sports book for hours while watching a game, and placing bets. Those days are far behind us and this trend of convenience at a finger tip in being echoed in the industry as well. Execs at the same Congress were also certain that 90% of all sport bets will be placed online on a mobile device within the next 5 to 10 years. The future of online gambling is officially online, this is also seen with video game giants such as GTA (Grand Theft Auto) who have just recently updated their online site for the first time in six years, with Rockstar Games announcing through social media that the long awaited GTA 5 – an incorporation of video gaming and gambling – will be launching soon. The online gambling industry has identified where it needs to go in order to stay current and relevant and simultaneously profitable.